Mogadishu – Somalia remains firmly on course in its reform program under the International Monetary Fund’s (IMF) third Extended Credit Facility (ECF) review, according to the country’s Ministry of Finance.
Following two weeks of intensive engagements with IMF officials, Somali authorities have reiterated their strong commitment to achieving a prosperous economic future for the nation.
The review process has highlighted significant progress in implementing key reforms aimed at fostering economic growth, creating employment opportunities, and strengthening domestic revenue generation.
“The main message from our engagements with the IMF over the last two weeks under the 3rd ECF Program Review is that Somalia remains firmly on track in the reform program,” said a statement from the finance ministry. As per the ministry’s statement, “There is absolute commitment from our government to ensure a more prosperous economic future for our people anchored on growth, employment opportunities, and raising revenue for enabling public investments.”
The ECF program is part of Somalia’s broader economic stabilization strategy following its debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative. Somali officials say the government is now better positioned to meet its development priorities and provide essential services, thanks to improved financial management and governance.
The next steps in the reform agenda include enhancing tax administration, expanding the formal economy, and investing in key sectors to drive inclusive and sustainable development.
